Maybe this year is the year to get a flu shot. Look no further than last year's data from the Centers for Disease Control that found last season's flu epidemic is estimated to have killed 80,000 Americans. That is the highest level in 40Ys. No matter what, protect yourself and your family this flu season by frequently washing your hands with soap and water, just in case.While not as bad, there are plenty of risks in banking too, so preparation is important. For example, export finance might seem risky to some bankers, yet, done properly it can benefit your bank...
Too much technology can fry your brain. At least that is what a new study seems to point out. Canadian researchers have released the results of a 10Y study on how children's brains develop over time and found kids that spend less than 2 hours each day watching screens scored better on cognitive tests than those who spent more time watching screens. Take care.As you ponder how much screen time you can handle, we continue our discussion on blockchain and cryptocurrencies, along with some tips to help safeguard your bank and customers. When it comes to digital wallets that some...
Did you hear about the team of scientists that created a massively strong magnetic field? Unfortunately, this group of Russian scientists also blew up their laboratory in doing so. Apparently, the field was a real scientific whopper!For a while now, bankers have been hearing about another scientific breakthrough known as blockchain. While not as exciting as a magnetic field perhaps, blockchain has been advancing too. But, how should community banks approach it today?One way to track whether and when it's safe to look at this technology is by monitoring the regulatory and legal world. These days, there's plenty to watch,...
The political scene has certainly become very toxic. We aren't going to ruin your morning by plunging into it, but we did find a recent survey on the subject quite interesting. A Pew Research survey found a whopping 68% of Americans surveyed said the news media favors one side when covering political and social issues; the same percentage lacked confidence that news organizations would be willing to acknowledge any mistakes made. No matter the news going on around us, as bankers, it is part of our job to stay on top of the latest ways criminals try to steal money....
Sadly, Pew Research finds a whopping 59% of teens in this country say they have been bullied or harassed online and have experienced abusive online behaviors. The top three forms of cyber bullying include offensive name calling (42%), spreading false rumors (32%) and receiving explicit messages they did not ask for (25%). Be alert parents!Social media has become ubiquitous in everyone's lives and BSA/AML has done the same in the lives of bankers. We have mentioned this before, but it is worth repeating - thanks to advanced technology and rising government mandates for fighting money laundering, Anti Money Laundering (AML)...
As Halloween gets closer, we share that the candy corn was invented way back in the 1880's and was originally called "chicken feed". Today, the candy corn is 3x the size of an actual corn kernel and 35mm pounds of candy corn are sold each year. That is certainly sweet indeed!As kids soon flood into the streets with bags in hand seeking to capture the best Halloween candy, we are reminded that bankers are always looking to sweeten their business too by capturing more small business clients. According to a recent survey, one in five small to medium...
All things old become new. If you are old enough, you may remember the refillable milk bottles back in the day. Well, now you can refill your beer bottles in Oregon. Specially formulated refillable beer bottles are being filled, returned, cleaned, and filled again by seven breweries. As the breweries scale up, cost savings are expected and customers could benefit from lower prices. Stay tuned to see if it catches on elsewhere.Community bankers have more to worry about than refilling their beer bottle though when it comes to natural disasters. Hurricanes and tropical storms are also problems that aren't going...
You have probably seen people sitting on planes wearing masks to protect others or themselves from illness. Pollution in some cities worldwide is also a problem. That is why we were intrigued by a new invention known as breaze. You charge it up each night so its fans and filters can work all day as you go about your business. Who knows if this will take off, but it might help people stay healthier perhaps.On the banking front, the focus is always on keeping healthy, particularly when it comes to cybersecurity. Given October is National Cybersecurity Month, we wanted to...
There have been some really interesting inventions this year. One that adds a new member to your family is known as Temi. This $1,500 robot runs around the house with you or your family as you do things during the day. It is intelligent, mobile and links to and leverages smart home devices, online content and video communications and is driven by your voice. Temi can turn on lights, order pizza, play music, make a video of what you are doing and call someone on its screen so you can talk to them.While Temi may not yet do everything banks
Siemens Healthineers is using artificial intelligence (AI) technology to try to predict how a heart responds to therapy. The idea is to get better diagnoses by simulating well in advance how patients will react best to which therapy. By capturing scans, pictures of the heart and tons of patient data, they are able to create a digital heart that can be compared to real outcomes. This is pretty interesting new technology and we hope it works out well. As bank technology ages, many are faced with a choice: should you keep your older mainframe going, replace an older mainframe with
Segway, the company that brought you the self-balancing scooter back in the day, has now ventured into roller skates. You simply jump on the skate without strapping in your shoes and off you go. They have 45 minutes of drive time on one charge and have a single wheel design. This could be the replacement for the hover board perhaps.As you roll forward through your day today, we delve into various ways banks are increasingly automating their way to greater efficiency, with a closer look at managing exceptions. For many community banks, the tedious task of managing exceptions is still
It takes a lot of work to keep your teeth clean. Most people use a plastic toothbrush, but a new startup is now offering a disposable variety made of recycled paper. This approach in theory will mean less plastic in landfills worldwide and it reportedly looks, feels, and works just like the plastic variety. It looks like plastic toothbrushes may eventually be going to the dogs...you have to love human ingenuity.In the banking industry, there has been a ton of change and ingenuity as well. One area in particular where this has occurred has been in mobile banking. As the
People all over the world are rejoicing the fact that an underwater autonomous drone using vision based technologies and artificial intelligence is out there hunting a specific kind of coral killing starfish. Humans have been doing this, but now this drone can do it 24 hours a day 7 days a week so it is much more effective. Good news for coral and reefs.This sort of technology is interesting and similar sorts of technological advancements are happening in the banking space. While not of the underwater variety, our fintech world means banks are racing to keep up. During the first
Researchers have found that people who nod off during the day are more likely to develop dementia. It seems falling asleep when you are supposed to be awake is a sign of having too many beta amyloid proteins in the brain (3x as many as those who stayed awake). These proteins have been found to trigger dementia. As you jolt yourself awake this morning, we shift our focus to online gaming. If you've ever played a free online game, you know that in most of them, players need resources to advance through the game. Those who play lots of online
How crazy is it that a woman who reportedly made it a habit to bite her nails had to have her thumb amputated after developing cancer. It seems the young woman of only 20 had contracted a rare form of skin cancer. Doctors say the chronic trauma and inflammation of biting her nails likely led to the skin cancer.For community banks, small business customer habits can also be a struggle. Between navigating separate platforms for banking, enterprise resource planning, human resources, and accounts payable, your small-business banking customers have a lot on their plates. As such, perhaps your bank could
A new study by the National Institute on Aging finds mice who fasted between meals lived longer and were healthier than those who snacked during the day. Even more interesting perhaps, the mice that lived the longest and were the healthiest ate only one single meal per day. This all runs counter to common understanding of what many consider to be human healthy habits, so more analysis will likely be forthcoming.No matter what you eat or when you do so, it usually requires reviewing some options. In banking, it is important to review options when it comes to employee benefits
Leave it to researchers to take away yet another dietary product people think is healthy. A study from Israel finds probiotics believed to be good for digestion and health, may not be all they are cracked up to be. The study found in 50% of people tested, the good bacteria from the probiotics went in the mouth and straight out the other end. In the rest, the good bacteria hung around briefly before being pushed out by existing microbes. As bankers, we know many things can give us discomfort and that hindsight is often 20/20. So, today we provide some
In a good news story, Bloomberg is reporting that the Great Barrier Reef is now showing signs of recovery, following a mass coral bleaching back in 2016. A milder summer along with huge coordination among public and private enterprises has apparently turned the tide on this issue. For our scuba diver readers and ocean lovers, this is refreshingly good news.Many community bankers we know now feel refreshed and in full recovery mode too following such strong economic activity. That said, many also say they continue to struggle in the battle vs. the fintechs.For some time now, fintechs like Square and
Sharks are normally really scary with all of their big teeth and ferocious appetites. But, consider a variety of shark known as the bonnethead that appears to be vegan! Yes, you heard us right - this shark eats seagrass from the bottom of the ocean and avoids other animals entirely. It is truly strange and obviously nothing for humans to fear.As that swims around in your brain, let's shift gears to a discussion on social media marketing by community banks. An ABA survey finds 76% of banks (95% of which had assets under $10B) believe that social media
A study by the University of Cambridge in the UK has found a way to split water into oxygen and hydrogen by mimicking photosynthesis in nature. The approach is scalable, so it is great for usage worldwide, as it both collects and stores energy in a much bigger way. This one looks like an interesting advance.In banking, technology and customer behavioral changes are driving changes to branches. Today though, most community bank branches have regular hours, but customers not so much. So, while one branch might have a steady daily stream of customers lining up for tellers, another might have
Goat yoga is all the rage, but we weren't expecting it to take goat research in another direction. A university in the UK did some research and found goats not only respond to human facial expressions, but also prefer smiles to frowns. It seems 51% of goats tested approached a happy human face first, while 30% went to the angry face. The remaining 19% did not seem to care. While not directly goat related, the average community banker would likely say BSA/AML (AML) compliance has become brutally tough over the years. Things are so tough now that many employees and
Engineers at MIT have done it again. This time around they figured out a way to get sprayed droplets to stick to whatever the target is. The issue they were trying to solve was that typically less than 5% of sprayed liquids actually stick to the target. The solution was surprisingly simple. Just spray the bigger drops through a fine mesh to break them into smaller ones, about one thousandth in size. The smaller droplets stick better when they land, thereby solving this problem. This approach has practical applications in painting, agricultural pesticides, among others. The impact of this interesting
Researchers at the University of Helsinki have found that taking more than 3 weeks of vacation each year may lengthen your life. The more than 40Y study found that people who took less than 3 weeks off in a year were 37% more likely to die than those who took more than that. This could be a good reason to extend your vacation time this year.As you calculate how many weeks of vacation you have already taken this year, we point out that Americans rarely add up the number of trinkets they collect on these vacations either.Between moving, collecting, inheriting,
Scientists have published a paper that finds long before the age of dinosaurs, a huge volcanic eruption that lasted for 1 million years wiped out the ozone layer, 96% of marine life and 70% of terrestrial species. Life that lived on land took 10 million years to recover from this extinction event that was more impactful than the one that killed the dinosaurs millions of years later.To community bankers and businesses operating in states throughout the country, worries over the extinction of personal privacy have led to a bevy of legislation lately. Add to the list CA, which passed the
In an interesting technology advance, Microsoft said it will now allow users to sign onto their accounts using its Authenticator app and an Apple Watch. No password is needed and authentication can occur right from the person's wrist. New things keep popping up in the technology world and the same could be said about interest rates in the banking world. In fact, now that interest rates are on the rise, people naturally are looking for a greater yield on their deposit accounts. Interestingly, the data shows people seemingly don't want to lock up all of their money to get a
Well, it seems you just cannot get any privacy these days. Researchers appear to have found a way to reveal the contents of a remote screen by using what is known as a side-channel attack. These researchers used machine learning with audio picked up by computer microphones to get sensitive information from the remote screen. The audio was from emissions leakage of the electronic components of the LCD screens. This type of audio eavesdropping goes to show how far machine learning has come! We are not sure it will help much in this regard, but the world of
To keep employees happy, it makes sense for management teams at community banks to keep an open mind. That is why we were amused to see Google has launched a new way for people to create a sticker version of themselves using selfies. The feature uses artist illustrations with machine learning, neural networks and other fancy tech. With these selfie stickers, you can customize face shape, hairstyle or other fun options. Enjoy this, as you test it out with employees and customers, perhaps.As you think about this, we point out that you don't need a sticker to know
Cookies in the technology world are messages that web servers pass to one another when internet sites are visited. They don't taste nearly as good as your favorite, freshly-baked cookie though. That said, since the EU passed the General Data Protection Regulation (GDPR), the number of third-party cookies in use has dropped 22% on European news websites. The law has clearly taken a huge bite out of those cookies. The data shows customer privacy is serious business worldwide and it will only get more difficult in the future. This is especially true when you consider the high level
A study in Ecology and Evolution Journal finds a potentially scary situation. Researchers testing DNA from pythons in FL have found 3% of the snakes carry genetic markers that could create a "super snake" interested in moving from the swamps to higher dry ground. That is a potentially risky situation slithering around.Some technology researchers might say yet another risky situation developing in and around banking might be the Internet of Things (IoT).Look no further than a report jointly issued by the Department of Commerce and Homeland Security. It warns of the risks created by the increasing number of
SBA data points out that 28mm small businesses in the US accounted for 54% of all US sales and produced 67% of net new jobs. Community bankers provide huge support for this key customer group. So, keep up the wonderful work in your own community, no matter where you are in this great country of ours.People seem to ask from time to time what is going to happen to banks given so much digital activity is swirling around. To gain a better understanding of the forces at work, we point out that digital literacy improves with youth. This
People are so active online that businesses and banks alike must continue to adapt. For example, research by reviewtrackers.com finds while 53% of customers expect a business to respond to negative reviews within a week, 63% who left such reviews said the business never responded. That is just crazy when you hear 94% of people say a negative online review has convinced them to avoid a business. Data is easy to get and switching businesses is so easy, you have to wonder whether it is really any surprise that people are doing so more frequently. As people become increasingly reliant
Survey teams are constantly quizzing small businesses in an effort to gain insight. A survey by Infusionsoft finds the top two digital marketing priorities for small businesses are driving sales (51%) and building brand awareness (48%). Maybe there is an angle here for community banks to help small business customers, particularly when you consider a whopping 62% of those businesses said they either don't know or did not think their marketing efforts were effective.As you think about the best way to target your small business clients for the rest of the year, we provide a discussion of the results from
You have to love the British. It seems a robber who stuck his finger in the pocket of his jacket and pretended to have a gun did not get the response he intended. Instead, a couple of businesses he tried to rob called his bluff and told him to get lost. After trying a few times, he now spends time sitting in jail. In the business world though, there are many things to shackle a CEO's time. On this matter, we found a Harvard Business Review CEO survey interesting. It tracked how CEOs spent their time, in 15-minute
You probably saw Facebook's stock tank after reporting weaker than expected revenue growth in Q2 and warning of a slowdown for the rest of the year. The stock sank 19%, dropping more than $100B in a single day. Besides being the biggest single one day decline in US history, it was also larger than the total value of Costco, Lockheed Martin, Starbucks, CVS, Lowes and others, according to Bloomberg. While maybe not quite as jaw-dropping, community banks are on track to comply with FinCEN's new anti-money laundering (AML) beneficial ownership rule, according to a survey by ARC Risk
Well it looks like Amazon won't be the only player in the drone delivery business, if all things work out. Now, Airbus has jumped into the act, with an automated delivery drone service that it has dubbed "Project Skyways". The drones land on specially-designed parcel stations that have a robot inside. The robot senses when a package is dropped off or delivered to the station and either loads or unloads it automatically. Who knows where all of this goes, but it is certainly interesting.Another area of interest that banks are monitoring is all about cannabis. Local municipalities are trying to
Elon Musk sure seems to have an active mind. He has rolled out limited edition hats, flamethrowers and other things that seem to have nothing to do with his primary business activities. Given it is summer perhaps, he has now announced Tesla is selling limited-edition surfboards for $1,500 each, and they are so amazing looking that they have already sold out. We wonder what he will think up next.As you think about catching a big earnings wave this year, we zero in to alert you about how some big banks are bowing to pressure from fintechs and offering fee-free mobile-only
A Pew Research study highlights something you already know. When you go online you are likely to be harassed, so prepare yourselves. In fact, a whopping 41% of adults say they have been harassed online and 66% say they have seen it happen to someone else. It looks like if you want to stay sane, disconnecting now and again can be a good move.Unfortunately for community bankers, it is impossible to just disconnect from the world around you, as the Current Expected Credit Loss (CECL) standard draws closer. So, banks are trying to ready themselves for the change. According to
It isn't anywhere near year-end right now, but that doesn't mean people aren't still working on their resolutions. Statista found earlier this year, people said their top resolutions were to eat healthier (37%), get more exercise (37%) or save more money (37%). If these are on your list, we hope you are making some progress at this point in the year. Shifting our discussion today to the markets and opportunity for bankers, things definitely are booming out there. Business is good and rates are rising, so profits are too. The Fed has slowly raised short rates, but longer maturities have
When high school kids head off to college, they often ask their parents and friends what sort of degree might make sense. That is why we found research by the National Center for Educational Statistics interesting. It looked at the most popular majors for bachelor's degrees and found the top ones were business (19%), health professions (11%), social sciences and history (9%), psychology (6%) and biological and biomedical sciences (6%). You might also be interested to find out more about how people are using bill payment these days. About $4T changes hands every year when consumers pay their
People love to drink coffee. Look no further than a survey by the National Coffee Association that finds 64% of Americans age 18Ys or older drink a cup of coffee a day. Interestingly, 79% did so at home, while the rest went to a caf? or some other location.As you sip your coffee this morning, we point out that community banks are not only the backbone of banking, but also the backbone of farming as well. After all, community banks provide 75% of all agricultural loans to American farmers. It is little surprise then, that many community banks are supporting
Is there anything anywhere that Amazon isn't into yet? This list certainly seems small, as they have announced a partnership with Marriott hotels. Amazon plans to drop an Alexa into every room to act as a personal assistant for weary travelers. That's right, guests will soon be able to order room service, get dinner recommendations, call housekeeping, and do other stuff simply by asking Alexa to do it.Speaking of speaking, we speak to a lot of bankers about their digital offerings. It seems that corporate CFOs aren't that much different from small business banking customers. Both are increasingly
People can be real fraidy-cats. At least, that is, if you believe a UK study on the percentage of adults who are afraid of the dark. Amazingly, the study found 64% of adults said they were still afraid of the dark, 67% don't like turning out the lights before jumping into bed and 36% said they regularly get the feeling that something or someone is in the room with them. That last one is creepy, so we are glad it is morning.In banking, no one is afraid of taking deposits or making loans, but that doesn't mean competitive pressures aren't
You may not know it but wrestling is considered to be the oldest competitive sport on the planet. It reportedly shows up on cave drawings dating back to 3,000 BC and in the Olympics around 708 BC. That is certainly an old sport, if not the oldest.Today we focus on how community bank technology teams are always wrestling with hackers who are working to take them down. Hackers seem to constantly find new ways to break into computer systems, so countermeasures are constantly evolving. This is an evolutionary cage match and neither hacker nor banker shows any signs of slowing
Research published in Nature Communications finds oxygen can now be extracted from water in zero gravity using star light and a semiconductor. This amazing discovery seems to provide a way for humans to take long space flights. So, suit up and get ready everyone!As you think about traveling to distant stars in the future, we bring our community bank readers back down to earth this morning as we delve into how wearable payment devices are gaining traction with some examples and discussion.Take, for instance, ABN Amro's Kerv payment ring. In early testing of its device, ABN Amro found
Let's face it - things cost money. Look no further than upper education. On the good news front, the Census Bureau reports 33% of Americans 25Ys or older have completed a bachelor's degree or higher vs. about 17% back in 1980. Since the data shows college educated people earn more than others that is good for the country. As for the bad news, consider that over the same time period, education costs have soared over 1,000%. It sure makes one think about the return on investment (ROI). When it comes to financial institutions, management teams, boards and investment bankers are
We thought it was interesting that CareerBuilder research found 58% of managers say they did not get any management training, and a survey by Harvard Business Review finds the same 58% say they trust strangers more than their own boss. This probably isn't the case at your institution, but training and trust are clearly very important. So, these might be worth a second look.Banks are constantly tweaking their product and service offerings in response to competitors and market conditions. Right now, this is especially true, given that short-term interest rates are rising, but longer ones seem to be barely budging.
You ever wonder about the person working just down the hall from you? Sure they are a colleague and very nice, but something sees a bit off too. After probing a bit more, you realize you have finally put your finger on it. They appear to be among the 7% of Americans who believe chocolate milk comes from brown cows or even worse the 485 who said they had no idea where it comes from! Moo.As you work each day to capture more customers, perhaps a discussion around chocolate milk with prospects (including a cookie) might be a great ice
Did you know that we are all so addicted to all things internet and social that 77% of us go online at least daily? That is just one finding of Pew Research that also found 26% of us go online almost constantly, 43% do so several times a day and 8% check things out 1x per day. As you think about your marketing efforts to capture and retain customers, this data is no doubt helpful, we would imagine.While many small and mid-sized business (SMB) customers of community banks most often focus within their geographic region, an increasing number
A new survey by EdenFantasys looked at how prevalent sex is in the workplace. What - good morning! Now that we have your attention, the survey found 14% of people say they have had sex at their place of work and of those, 19% have been caught doing so. While 44% have had a workplace romance, 70% of those said they hid their fling from coworkers and bosses. Finally, while 60% of all work relationships have ended in a breakup within 1Y, 25% of such relationships ended in marriage. Have fun out there, but not too much - at least
It is well known that many Americans are just not healthy and that shifting habits are a big underlying issue. The Department of Health and Human Services (HHS) finds only 33% of kids are physically active every day and spend more than 7.5 hours daily in front of a screen. Meanwhile, there is a 25% adult obesity prevalence rate in 32 states now. Staying healthy takes work. But it also makes you feel better, so good luck to everyone. It is also well known that checks are going the way of the dinosaur. Interestingly though, while digital banking is pushing
Earlier this year, Pew Research did some work around social media. Since community banks want to stay connected to customers, we thought you might like to know a few things here. Americans use YouTube (73%) and Facebook (68%) the most, then Instagram (35%), Pinterest (29%), Snapchat (27%), LinkedIn (25%) and Twitter (24%). By age though, younger Americans (18-24Ys) use YouTube (94%), Facebook (80%), Snapchat (78%), Instagram (71%) and Twitter (45%). As is supported with the above, there's no denying that data has always been an integral part of the banking industry. Unfortunately, as it turns out, the data that many
The Urban Institute found millennial homeownership is only 37% at this point, a whopping 18% below the level of Gen X and boomers when they were the same age. Reasons vary, but include: getting married later in life (30% later); holding off on having babies by 32% (a driver of homeownership); renting in more expensive locations (down payment takes longer) and holding more student loan debt (46% of graduates back then vs. 75% now). As you figure out how to get this cohort as a customer, it always helps to have some raw data to lean on.Banks are always seeking
People are weird about germs at times. We looked at what people do in bathrooms to avoid germs and found: 64% operate the flusher with their foot, 60% use paper towels to open the door, 48% open and close the door with their butt and 39% use their elbow to avoid all contact. Think about that the next time you go to the loo.The good news for bankers is that customers don't exhibit nearly as much strange behavior when they open new accounts. In fact, customers that can open new accounts easily and relatively quickly are more loyal and usually
As pointed out yesterday, almost everyone checks their smartphone when waking up or just before going to bed, and few are successful at limiting their usage. To help, the same Deloitte research finds top ways people try are: keep phone in handbag or pocket while meeting people (38%), turn off audio notifications (32%), keep phone in bag or pocket when alone (27%), delete apps (26%) and turn off phone at night (26%). Hope this helps.When it comes to construction lending, there are other tips that can help even those bankers who are tied to their phones. As any banker involved
Perhaps not surprisingly, Deloitte research found people on average check their smartphone 47x per day and more than 80% do so within 1 hour of getting up or before going to sleep (35% do this within 5 minutes). What's more, almost half of people have tried to limit their smartphone usage in the past, but only 30% actually succeeded. Your customers too, surely are heavy smartphone users, but that aside, bankers are always trying to figure out how to better attract and retain the most profitable customers. The latest way has banks switching from product-centric pricing to customer-centric pricing driven
Summer is here and people are thinking of traveling. That is always fun, but it got us thinking about whether there are any angles around this to think about. We uncovered research by Expedia that finds boomers travel 27 days per year or about the same as Gen X at 26 days. Interestingly, millennials travel 35 days per year. By type of vacation, most boomers do so to visit family (67%), compared to relaxing for Gen X and millennials at 51% and 55%, respectively. Have fun out there this summer!As you travel, you will certainly casually note any bank branches
Data by Funders and Founders finds people live on average 78Ys and like dogs and cats, we spend most of our time sleeping (36%). Rounding out the other major ways we spend time: working (13%), social networking, TV, video (12%), doing chores (8%), eating and drinking (5%), education (4%), grooming (3%), shopping (3%), child care (2%), & commuting (2%). Now you know, so spend your time wisely!While commuting doesn't take much out of your life, it is still important to think about, as the workplace changes and telecommuting becomes more prevalent. Consider this:A perk most want - A
We were intrigued by a Hill Holiday study that looked at what matters most to single women, ages 30 to 45. It found the biggest life milestones they wanted were: living on their own (44%), establishing a career (34%) and financial security (27%). We will let you think about and discuss this data, to draw your own conclusions. But, it is interesting. Speaking of interesting things to customers and banks, today we tackle the topic of Open Banking. This concept revolves around the idea of "opening up" access to banks using software programs called application programming interfaces (APIs). The
Online gaming is a big business. Look no further than a survey by the Game Developers Conference that found the top 5 platforms where game developers are currently working are: PC (60%), smartphones/tablets (36%), PS4/Pro (30%), Xbox One/X (26%) and Mac (20%). Game on.Of course, we don't know any community banks that play games when it comes to expanding their loan opportunities with businesses, no matter the lending platforms or approach.As some quick background, the Fed reports US banks extended $2.1T in loans to companies as of Feb 2018. Commercial lending remains an essential offering for community banks, so making
A survey from Bankrate asked people to list their biggest financial mistakes. The findings were interesting, with the top position of "not saving enough for retirement early enough" at 22%, closely followed by "none" at 20%. Rounding out the rest of the top 5 is: not saving enough for emergency expenses (16%), taking on too much credit card debt (9%), and taking on too much student loan debt (9%).Everyone makes mistakes, which is why bankers seeking to perhaps learn from errors of the past should find our discussion on mentoring/advising small business owners pertinent.All bankers want to keep earning the
We thought it was interesting to hear the successful Shark Tanker, Mark Cuban's top reason why people fail in business. In his own blunt way he said it was due to a "lack of brains and lack of effort." He pointed out that competition was extreme everywhere, so only those who do the hard work day in and day out, to know more about their industry than anyone else, will win.As you ponder that this morning, we share some work we have done to help you better understand chatbots and the way banks are using these tools to improve the
Paranoia used to be a term relegated to the world of psychiatry, but now it is estimated that up to 15% of the general population has some paranoia regularly. This can range from the mild (thinking others disapprove of you) to severe (evil forces are against you). Studies based on twins show this can also be both genetic (abnormal activity in the amygdala) and environmental (trauma). You are not paranoid though if you think chatbots are coming.What are they? These "virtual assistant" computer programs are designed to help humans do something faster using a more conversational way of
Rock star Spencer Dryden once famously said, "Get them while they're young and bend their minds." While the Jefferson Airplane drummer was most likely talking about getting teenagers of 50Ys ago to enjoy the musical stylings of "White Rabbit", the concept of winning over young people has broad applications for banks today as well. Time and again, research has proven that by cultivating relationships with young consumers, financial institutions gain customers for life.However, the importance of appealing to these emerging customers has grown mightily as the youth market is wielding more economic muscle than virtually any other demographic. The 80mm
Along the lines of how ridiculous people can be, we recently covered a story on hot dog water, and today shift to one on fish pedicures. Some believe that putting your feet in a tub full of "doctor fish" that nibble at your dead skin increases circulation and provides you with smoother feet. We don't know. But judging by the picture here, it is as crazy as drinking used hot dog water, if you ask us.Speaking of crazy things in banking, look no further than what has been going on in the five years since EMV (Europay-Mastercard-Visa) chip cards were
After pondering how spiders can fly without wings, biologists did some testing by creating an electric field at strengths found in the atmosphere. They found spiders responded by spraying out silk in a fan-like shape and then got airborne. It is believed riding atmospheric currents is how spiders travel worldwide when there is no wind. Electrically charged flying spiders is truly amazing, but to bankers, it may pale in comparison to video banking. Over the past few years, banks have slowly been warming up to the idea of adding video banking to their array of services. The data shows there
New research reveals that a moderately positive review is actually more impactful than a glowingly positive one. People seem to think that the moderately positive review is written with more thought and precision than a top rating. As you ponder this, we wonder how bankers might rate their core systems.Many community banks have legacy systems dating back to the 1980s, some even older. After all, customers are used to the interfaces on these cores and there are only so many options out there anyway.To try and keep updated over time, banks have bolted new functionalities onto their legacy core, or
As the summer heats up, we wanted to remind you of key rules when using the pool: Don't drink the water, don't run, don't dive into shallow water, watch out for uncovered drains, hydrate and don't pee in the pool. Most of these are pretty standard, but sometimes you need to revisit standards to improve on them.Speaking of standards, the credit crisis in banking taught us the old standard of using credit scores as the be-all-end-all might not be everything it was cracked up to be. When it comes to rating creditworthiness for a loan, a high credit score (like
Measuring intelligence in humans can be a tricky thing. After all, some people you know might be book smart, some are street smart and some are just wicked smart. The intelligence quotient (IQ) is a score that comes from various standardized tests designed to assess overall intelligence in humans. The IQ median raw score when developed was 100 and scores move based on standard deviations around that number. In short, about 67% of people score from 85 to 115, while 2.5% score above 130 and 2.5% score below 70. As you ponder where you might score and where that genius
As you ponder where to travel this summer, we found it interesting that the Organization for Economic Cooperation and Development (OECD) researched countries worldwide to try and figure out those that have the most native born population living abroad. At the top of the pack it found Ireland (18%), followed by New Zealand (14%), Portugal (14%), Mexico (12%) and Luxembourg (12%). Meanwhile, those with the least living abroad were China (0.3%), US (0.5%), Japan (0.6%), Brazil (0.7%) and Australia (2%). To keep existing customers from traveling to a competitor in banking, there are some things to keep in mind. Consider
Globally, 45% of adult smartphone users say they worry they are too connected to their phones, according to Deloitte. The same percentage says that they try to limit their phone usage in various ways. Of note, some 67% of 18 to 24Y olds say they use their phone too much. It looks like most people worldwide need to work on decreasing their smartphone distractions. In banking, there is a lot going on well beyond simple distraction when it comes to cybercrime. In fact, a recent report by the FBI's Internet Crime Complaint Center (IC3) provides stats and examples
I bet it never crossed your mind to drink hot dog water! Well, by now you have certainly read that a man in Canada sold hot dog water in a bottle for $38 and a bunch of fools bought it! His goal was to prove a point about false advertising and it worked, as he claimed this gross water had health advantages such as weight loss, increased brain function and general vivacity. Now, we haven't seen cloud computing bottled yet, but given the success with hot dog water, some companies may be trying to do so soon. For bankers looking